Public Pensions, Broken Promises

Kranacher, Mary-Jo
September 2011
CPA Journal;Sep2011, Vol. 81 Issue 9, p80
Academic Journal
The author reflects on the filing for bankruptcy by Central Falls in Rhode Island, which also sought to reduce the pension benefits of its retired public workers by as much as half due to its budget problems in 2011. She argues that governments should not be allowed to change the rules at mid-stream for current employees who were hired with the agreement of a pension upon retirement. The author observes that pensions now can be underfunded by the budget cuts of state and local governments.


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